Spec House Built On Site of the Reagans’ Former California Home Sells for $22M

Sale price for six-bedroom mansion down $11 million from May 2016 listing

A Pacific Palisades spec home built on the site where Ronald and Nancy Reagan lived before he became president has changed hands for $22 million.

Developer Jaman Properties bought the Reagans’ former home in 2013 for $5.12 million, only to demolish it and build a six-bedroom mansion. That home was originally listed for sale in May 2016 for $33 million, and after several price cuts found a buyer on Feb. 17, according to listing records. The final sales price was $22 million.

Features of the 12,000-square-foot newly built estate include panoramic views of the city, mountains and Pacific Ocean, a one-bedroom guest house, a 2,000-bottle wine room and a bar area with the original bar where the Reagans entertained Hollywood celebrities and world leaders, according to Jaman Properties.

The developer also kept the shower door, which is installed in one of the bathrooms with a plaque telling the story of how Mr. Reagan was in the shower when he learned he had become president.

Mr. Reagan built the original home in the 1950s when he was working as an actor and host on the TV show, “General Electric Theater,” according to Jaman.

When GE discovered Mr. Reagan was building his family home, they offered to make it “The House Of The Future,” outfitting the residence with a Jetson-ian all-electric kitchen. The Reagans sold it a year into his first term as president.